NRIs can exchange banned notes till June 30: RBI

NEW DELHI, January 1, 2017

Non-resident Indians (NRIs) who have been unable to exchange the recently banned Rs 500 and Rs 1,000 notes until December 30, can do so up to June 30, said the Reserve Bank of India (RBI).

Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, the Indian Express quoted an RBI statement. NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said.

“While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA Regulations (Rs 25,000 ($367) per person),” it said. Citizens can avail this facility in their individual capacity once during the period on submission of ID documents, and on submission of documentary evidence showing they were abroad during the period and that they have not availed the exchange facility earlier, the RBI said.

The statement added that no third party tender will be accepted under the facility. On fulfilment of the terms and conditions and the genuineness of the notes tendered, it said, adding admissible amount will be credited to the tenderer’s KYC (Know Your Customer) compliant bank account. This facility will be available through Reserve Bank offices at Mumbai, New Delhi, Chennai, Kolkata and Nagpur.

According to RBI, Indian citizens resident in Nepal, Bhutan, Pakistan and Bangladesh cannot avail this facility. “Any person, aggrieved by the decision of the Reserve Bank may prefer an appeal to the Central Board of the Reserve Bank within 14 days of the communication of such refusal to him,” it said. Such representations may be addressed to the Central Board, Reserve Bank of India, Secretary’s Department, it added.